But the 9th Square Project, southeast of the city's green, has been killed, revived and stalled numerous times in the past couple of years. The biggest dispute is over financing -- Who will pay for what and how? Mr. Borges says that as treasurer he can't commit the state to guaranteeing an unsound financial package. Yale has offered to buy $10 million in taxable bonds to support the project, but only if the state, through the Connecticut Housing Finance Authority, guarantees them. Mr. Borges points out that an independent assessment of the setup found a worrisome degree of risk. He rightly believes that this is a bad time for the state to be taking on high-risk real-estate deals.

No matter what the merits of the deal, it seems that Yale is trying to have it both ways. University officials have urged Mr. Borges to issue the CFHA bonds, saying the present structure is safe. Yet they have refused to use their promised $10 million as a direct investment in the project. Essentially, Yale won't take the same risk it is asking the state to take.

Mr. Borges has proposed alternatives. The state has other ways to invest in such ventures, he says. The Office of Policy and Management may request the issuance of bonds for various purposes in urban areas. Money is available at the Department of Economic Development and the Department of Housing.

Mr. Borges says he has informed the governor of these options, and that the governor has instructed his staff to put together a package. No word yet from the staff. Here's an opportunity for Yale, which has been criticized for not showing sufficient commitment to its home city, to demonstrate that it cares. A $10 million direct commitment would not be unreasonable for a university that has $3 billion-plus in investments.